In a recent event, A Risk Management Conclave was organized by The Institute of Risk Management, UK along with its India Partner – ITI EdVest, in association with IMC Chamber of Commerce and Industry at Nehru Centre in Worli. The conclave was supported by industry stalwarts who came together as panellists to discuss and deliberate on the increasing importance of risk management and its education in India. With the challenges being faced by Indian businesses, a rise in corporate governance issues, disruption in traditional business models and volatility in the Indian economy, risk management has gained a lot of traction.
“India is perhaps the only country in the world that has mandated a Risk Management Committee of the Board, apart from Audit Committee and Compliance Committee and these 3 committees are very distinctly managed for keeping an organisation safe and sustainable” said Shailesh Haribhakti.
“Focus on the risk management process is of paramount importance”, said Amit Tandon. Recently, regulators in India have emphasized on the need for a well-defined risk management structure to ensure more transparency from a corporate governance point of view and also prudent decision making for the smooth functioning of businesses. Mr. Sudhir Valia added “Risks emanate from the shop floor and they should be resolved by the risk owners itself, because once these risks travel to the board room, the impact cannot be reduced to a desired level.”
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Today’s initiative by IMC is to apprise all professionals here on how to identify risks and manage them even before they affect the business functioning. This will strengthen companies and enable them to take future business decisions effectually. Their knowledge of identifying risks on time, will pan out their options to deal with risks on a timely and effective way, thus helping in achieving its primary objective while keeping all other risks under control said Ashish Vaid, President, IMC.
One key message that was driven from the conclave was that Risk Management will be the driving force behind tackling business failures, improving stakeholder confidence and most importantly, creating a culture of risk based decision making across organisations. From an investment risk perspective, Dhanpal Jhaveri said, “Investing is like a two faced coin – there is always a return on one side and risk on the other side and as investors we are also custodians of others capital so asking the right questions before investing is very crucial.”
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At the conclave, The Institute of Risk Management – UK also announced their entry into India in collaboration with ITI EdVest (the education initiative of The Investment Trust of India Limited) to introduce their suite of professional enterprise risk qualifications for students, entrepreneurs and working professionals with an objective of nurturing the next generation of risk thinking leaders in India. “Having trained business risk management to over 500 students through a unique experiential and practical approach, I believe that risk management is as important as financial literacy and there is a need to integrate this with our education system such that India’s SMEs, family businesses, startups and large corporate organisations continue to grow with stability and the right risk response strategy to reduce the impact of risks”, said Hersh Shah, India Affiliate Partner of IRM UK.
“India as a country has huge potential and we see a huge demand for enterprise risk professionals across industries including financial services. With IRM qualifications now available in India through ITI EdVest, we are confident about bridging the demand-supply gap and developing a large pool of qualified enterprise risk professionals”, added Sanjay Himatsingani, Director of Training & Development, Institute of Risk Management, UK.
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